Ask Experts Questions for FREE Help !
Ask
    jgn0910's Avatar
    jgn0910 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 26, 2010, 11:06 PM
    1099c
    Received a 1099C today on a debt I paid in 2006. The form states cancellation date as 12/31/09. Is there a statue of limitation as to when they can send the form to the IRS?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    Jan 27, 2010, 05:21 AM

    It is my understanding that the SOL applies to the debit, not the l099c. You will have to pay tax on the debt. If you Google 'l099c SOL' you will find further reading material on the laws concerning 1099c. I hope this helps.

    Tick
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Jan 27, 2010, 05:30 AM

    My understanding is that it applies to the year you receive the form.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Jan 27, 2010, 06:00 AM

    It is income in 2009 unless it is intended as gift, is a qualified principal residence indebtedness, qualified farm debt... For more info, IRS publication 525.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Taxes for 1099C [ 1 Answers ]

I called a bank and told them to come pick up a car back in 2001. They came and stole it in the middle of the night when all they had to do is ring the doorbell and ask for the keys. They damaged the carport with the car. I went and picked my belongings up in Irving, a 60 mile drive, at a cost of...

Taxes from a 1099C or A [ 1 Answers ]

How does a person prove insolvency if they get a 1099C or A. I know it is assets to debt ratio. How does a person prove that. Does a the original loan amount that was taken over by the bank via foreclosure count as the debt as well or the amount that was not forgiven?

1099C not being sent for 3 yrs [ 1 Answers ]

Im being told by Citi card that they will not send the 1099C for 3 yrs And IRS states that is a banking law, possibly okay. Can anyone tell me If this is correct and does this accure interest or what ?:eek:

1099c [ 1 Answers ]

Hi , From a debtors point of view is it better for me to Settle an account in full or pay in full? If I settle an account and the Debtor writes off more than $600 -How much tax will I end up paying according to 1099c ? Regards, Madhavi

1099c [ 1 Answers ]

I had a credit debt of $14,000 and settled to pay 7,000, which I had borrowed from my brother. How does this affect me filing my taxes? The 1099 C is for $7,000. By adding this as other income, I think it will make me owe quite a bit ot the IRS. Can you shed some light on this.

View more questions Search